Biannual Bulletin on euro banknote counterfeiting

Friday, 26 January 2018

The European Central Bank has announced that during the second half of 2017, 363.000 counterfeit euro banknotes of various denominations were withdrawn from circulation. During the corresponding period of 2016, 353.000 counterfeit banknotes were withdrawn from circulation. The €50 and €20 denominations exhibited the highest rates of counterfeiting, accounting for 52,5% and 35,2% of the total, respectively.

In Cyprus, during the second half of 2017, 461 pieces of counterfeit euro banknotes of various denominations were identified and removed from circulation. This figure is higher than that of the second half of 2016. The €200 banknote had the highest rate of counterfeiting in Cyprus, accounting for 31% of the total.

In comparison with the number of genuine euro banknotes in circulation, the quantity of counterfeits remains low.

Notwithstanding the very small number of counterfeits, the Central Bank of Cyprus advises the public to scrutinise banknotes when transacting in cash. The Central Bank of Cyprus and the European Central Bank websites provide information on simple ways to check the genuineness of banknotes.

The Central Bank of Cyprus (CBC) was established in 1963, shortly after Cyprus gained its independence, in accordance with the Central Bank of Cyprus Law, 1963 and the relevant articles of the Constitution. Today the CBC is governed by the Central Bank of Cyprus Law, 2002 as amended (hereafter “the CBC Law”).